The three stock-based funds collectively have risen to 66.6 percent of investments. Image: Gorodenkoff/Shutterstock.com
By: FEDweek Staff
The TSP closed 2025 with $1.073 trillion in assets held by its nearly 7.3 million account holders, up $109.8 billion on the year and up $347.3 billion since year-end 2022.
Over the last three years, the TSP stock funds overall produced strong returns—the program passed the $1 trillion mark in investor assets for the first time last June—that have made for a more aggressive investment mix overall.
The largest fund, the large-company stock C fund, rose from $210 billion at year-end 2022 to $270.9 billion, $348.1 billion and $375.9 billion over 2023, 2024 and 2025. In terms of percentage of investor assets, it rose from 28.9 to 35 percent over the three years.
The small company stock S fund rose from $64.4 billion and the international stock I fund from $25.7 billion to $92.8 and $57.3 billion over the three years—in percentage terms, from 8.9 and 3.5 percent to 8.6 and 5.3 percent.
The most conservative fund, the government securities G fund, was essentially flat, going from $240.1 to $240.5 billion, while declining in percentage terms from 33.1 to 22.4 percent. The bond F fund rose from $19.5 billion to $23.3 billion—in percentage terms, from 2.7 to 2.2 percent—while the lifecycle L funds collectively rose from $166 billion to $282.6 billion—from 22.9 to 26.3 percent.
Looked at another way by counting the core funds’ shares in the L funds, the C fund now accounts for 44.2 percent of TSP assets, up from 36.2 percent over the three years, and the three stock-based funds collectively rose from 53.5 to 66.6 percent.
Including their shares in the L funds, the G fund now accounts for 29.6 percent, down from 40.3 percent, and the F fund now accounts for 3.7 percent, down from 4.2 percent.
While the L funds are self-adjusting to keep a specified risk/reward profile depending on the target date of the fund—with those in the farthest-out years the most aggressive—adjusting investments in the five core funds to maintain a desired mix is up to the individual investor.
The gains in the stock-based funds over the three years were due almost exclusively to investment returns. In 2024 and 2025, the TSP experienced a net outflow of money despite an increase in the number of account holders, as withdrawals and new loans outpaced new investments and loan repayments.
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